Cryptoys Raises $23 Million to Mix NFTs, Gaming, and Virtual Toys – The NFT market is currently going through a slump period that is having an impact on recent NFT project prices and popularity. However, some initiatives have succeeded in surviving and even thriving. One of them is the NFT startup Cryptoys, which just announced the conclusion of a successful funding round.
A16z Crypto led the $23 million Series A funding round, which also included participation from Dapper Labs, Draper & Associates, Mattel, Coinfund, Acrew Capital, Animoca Brands, and Sound Ventures.
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These funds will be used by the company to advance the development of its own platform, known as “cryptoyverse,” which aims to attract younger users to NFTs and play-to-earn services built on top of the Flow blockchain, the same technology that Dapper Labs used to launch its well-known NBA Top Shot app.
Will Weinraub, CEO of Cryptoys, commented on the inclusion of younger users in this play-to-earn and gaming platform:
“You must distance yourself from the Web3 maximalism as a whole. To attract millions and millions of individuals to these new paradigms, you must take baby steps.”
A16z general partner and participant in the company’s seed round, Arianna Simpson, said:
“The Cryptoys team’s outstanding storytelling and creative work is guaranteed to delight and excite the next generation of consumers and collectors.”
The business also declared that it would pursue alternate ventures, such as games where players can win NFTs to access the site. The network intends to release two tokens, Toyken and Binary Dust, for commercialization.
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Recently, Mattel, which also contributed to this fundraising round, partnered with Cryptoys to bring some of the company’s classic toy brands into its world. The corporation has not yet confirmed any of the rumors, but these IPs may include toys like Hot Wheels, Barbie, and Masters of the Universe. These will be offered for sale as avatars for the cryptoyverse created by Cryptoys.
